Omaha

Do You Need Relief from Your Debts? Omaha, Nebraska Bankruptcy

Life can throw you a curveball, and you may find yourself thrown into a financial tailspin. In 2016, over 800,000 Americans declared bankruptcy. That represents a 6.9 decrease in filings over the previous year, but there are still many people feeling a financial crunch. If you are one of the many Nebraskans who have more debt than you can handle and need some relief, you should consider bankruptcy.

Don’t Be Afraid to Ask for Relief from Your Debts

Sometimes we are afraid to ask for help when we need it. That includes when we are buried in debt. It’s hard to admit you’re in trouble and

Anyone can become ill and end up overwhelmed with medical debt, or see their business crumble. Your debt problem is not hopeless, and there are ways to eliminate it and get a fresh start. Bankruptcy may be the right solution for you. There are several different structures to choose from with different payment requirements.

If you need to file for personal bankruptcy, you can choose one of the following:

Chapter 7- This is known as liquidation.

Chapter 13-This is known as restructuring.

Chapter 11-This mostly used by business and corporations but can be used by individuals.

If you are a business owner, you can choose between the following bankruptcy structures:

Chapter 7

Chapter 13

Chapter 11

The bankruptcy chapter best for you depends on numerous factors including your personal finances, which assets you would like to keep, and whether you have a steady income to pay off the debts if they aren’t dischargeable. USAttorneys.com can connect you with a bankruptcy lawyer in Omaha to evaluate your case. They will use their experience and skills to determine the best means to get rid of your debts.

What are the Benefits of Bankruptcy?

When making a such a momentous decision, it’s critical that you weigh the pros and cons. Bankruptcy will affect your credit, and you must be disciplined. You face some difficulties on your path to becoming debt-free, but there are numerous rewards. Some of the benefits of filing for bankruptcy.

Filing for Bankruptcy Stop Calls from Creditors

One of the most frustrating things about being in debt is the constant calls and threats from creditors. It can wear you down and make you never want to answer the phone. That’s no way to live, and you can stop that from happening by filing for bankruptcy. Once you file for bankruptcy, the collection calls stop and creditors are no longer allowed to harass you.

Some Debts are Discharged

Some of your debts will be discharged or zeroed out depending on the bankruptcy structure, you choose. That means you no longer owe the money and your creditors cannot take collection actions. Debts that can be dismissed include:

Credit card balances

Remaining balances on car loans after repossession

Delinquent mortgage loans

Past due rent and utilities

Medical bills

The above list is not comprehensive; you may have debts that can be discharged which may not be on the list.

If your debts are not dischargeable, they may be significantly reduced. When you file for Chapter 13, your creditors may agree to forgive a portion of your debts if you can pay off some of the balance you owe.

You Can Avoid Foreclosure

Filing for the right bankruptcy structure helps you avoid foreclosure and stay in your home. Filing for bankruptcy if you will give you a chance to catch up on your mortgage and resolve your issues with the bank.

Which Debts Cannot Be Discharged?

Unfortunately, there are some debts you cannot be discharged in bankruptcy. Those debts include:

Bankruptcies are handled in the federal courts and governed by federal law, but states have power over what property is exempted from liquidation. The list of exemptions is long, which is why we recommend you consult with a bankruptcy attorney in Omaha. Below are some of the exemptions to bankruptcy liquidation in Nebraska:

Property

Military pensions

Life insurance

Necessary clothing

Furniture up to $1,500

Personal injury awards

Personal possessions

Worker’s compensation

Unemployment benefits

USAttorneys.com can connect you with a lawyer who will take the time outline your options for debt relief and help you choose a plan that works with your financial and personal circumstances.

How do I Get Started?

It may be hard to take that the first step and file for bankruptcy. If you have doubts, all you need to do is set up a consultation with a bankruptcy attorney. They will explain what you do next and help you with the following:

An honest assessment of your debts and what structure is appropriate in your case

Getting your financial documents together

Negotiate with creditors and bankruptcy trustees

Help you identify the property and assets exempt from the bankruptcy process

Once you realize bankruptcy is the right choice for you, let USAttorneys.com connect you with and a bankruptcy lawyer near your Omaha location. They will help you get organized and begin the bankruptcy process.

Whether you decide to file for Chapter 7, Chapter 11 or Chapter 13, you need a bankruptcy lawyer on your side. They will help you make the hard decisions make sure you choose the right structure. Don’t let your debts get out of control before you act. The sooner you act, the sooner you can move beyond your financial problems and get a fresh start. Our team of lawyers can assist you with all your bankruptcy issues. Call and set up a free case evaluation today.